Growth of vacation home is on rise

By Murari Chaturvedi, Editor-in-Chief
Growth of the vacation home industry is slowly developing in India. The rise of the vacation home industry is approximately Rs 34,150crore and are taking shape 100-200 kilometers from metros around a natural attraction primarily at hill stations and beaches etc. it is primarily need based development and marketed specifically on the concept of destination development projects which broaden the horizon to lookout new emerging opportunities. The key vacations homes in India are many at various places. They also serve the needs of “Second Homes” buyers. Lonavala is famous destination situated between Mumbai and Pune on expressway and serves both the vacationers and as the second home destination with row-houses and bungalows and also plots in Lonavala in the price range of Rs1.5crores to Rs 4.5crores and plot from Rs 25lakh to Rs 1crore. There is healthy demand for Lonavala properties. In South India Pondicherry is a sought after tourist destination and has emerged as one of the most preferred vacation home destination among second home buyers in Chennai. Villas in Pondicherry are mainly in vacation home format and prices range from around Rs 50 lakh to Rs 2.5crore and plots are between Rs 30 lakh to Rs 1.5crore. Another vacation home destination in South India is Coimbatore often called the Manchester of South India. It is popular for retirement location due to good infrastructure, favourable weather and affordable cost of living. Goa is an ultimate paradise to buy vacation home in India and in most preferred destination among both domestic and foreign home buyers. Vacation homes in Goa fetched good rental. In is also a much sought after tourist destination and visitors prefer vacation homes there. Khandala is another such place near Mumbai with hills waterfalls and scenic landscape. It is most attractive vacation home destination mainly among home buyers who live in Mumbai and Pune. This prestine hill station is only around three kilometers from Lonavala. Besides these aforementioned destinations Mussoorie, Dehradun, Shimla, Kasuali, Ramgarh, Mukleshwar and Alibaug are also an ultimate locations to buy vacation home in the country. Buying second home is mainly for investment purpose in such places, which will increase demand for the property where it is easier to find tenants for your vacation home. Himachal Pradesh is the best second home destination. Vajreshwari near Mumbai is also being developed as the best second home township. The relevant infrastructure in some of these vacation home destinations is not up to the mark but hopefully they will be developing in near futur